Core Insights - The "Three New" economy in China achieved a value-added of 242,908 billion yuan in 2024, reflecting a growth of 6.7% compared to the previous year, which is 2.5 percentage points higher than the GDP growth rate [1] - The "Three New" economy accounted for 18.01% of the GDP, an increase of 0.43 percentage points from the previous year [1] Industry Breakdown - In the primary industry, the value-added was 9,485 billion yuan, growing by 6.7%, representing 3.9% of the "Three New" economy [1] - The secondary industry had a value-added of 100,459 billion yuan, with a growth rate of 5.5%, making up 41.4% of the "Three New" economy [1] - The tertiary industry saw a value-added of 132,964 billion yuan, growing by 7.7%, and constituted 54.7% of the "Three New" economy [1] Definition and Scope - The "Three New" economy encompasses new industries, new business formats, and new business models, representing a collection of economic activities focused on innovation and modernization [1]

● 本报记者王宇露 中国证券投资基金业协会发布的最新数据显示，截至7月30日，7月以来备案的私募证券投资基金已达 1203只，创下今年以来单月新高。在市场逐步回暖的背景下，投资者热情逐步回升。整体来看，量化产 品依然是备案的主力军。在投资者对量化产品热情高涨之际，多家量化私募相继宣布对部分产品进行封 盘。 私募发行市场回暖 中国证券投资基金业协会网站显示，截至7月30日，7月以来共有1203只私募证券投资基金完成备案。此 前，6月共有1075只私募证券投资基金备案，4月有1138只完成备案，3月有1007只完成备案，其他月份 均未超过1000只。 7月私募证券投资基金备案数量再次突破1000只的同时，也创下今年以来单月备案数量的新高。业内人 士认为，在市场逐步回暖、指数不断走高的背景下，投资者热情逐步回升，这是私募发行市场回暖的主 要原因。 从备案的私募管理人来看，量化私募依然是备案新产品的主力军，九坤投资、明汯投资、蒙玺投资、世 纪前沿、宽德私募、量派投资等知名量化私募均有一些新产品完成备案。知名主观股票多头私募中，华 安合鑫、星石投资、重阳投资等也有新产品备案，但备案数量相对较少。 7月31日，广东宏锡基 ...

Core Viewpoint - The banking wealth management sector is adjusting its asset allocation strategies in response to declining interest rates, shifting away from bonds and equity assets towards public funds, cash, bank deposits, and non-standardized debt assets [1][4]. Asset Allocation Changes - As of the end of June, the asset allocation of wealth management products remains predominantly in fixed-income assets, while the proportion of bonds and equity assets has decreased. Specifically, the balance of investments in bonds and equity assets was 13.78 trillion yuan and 0.78 trillion yuan, accounting for 41.8% and 2.38% of total investment assets, respectively [2][3]. - The allocation to public funds has significantly increased, with a balance of 1.38 trillion yuan, representing 4.2% of total investment assets, an increase of 0.45 trillion yuan compared to the end of the first quarter [3]. Challenges in Fixed-Income Asset Returns - The average annualized return of wealth management products has declined to 2.12% in the first half of the year, down from 2.65% in 2024, indicating a 0.53 percentage point decrease. The difficulty in obtaining returns from fixed-income assets has increased, with a notable differentiation between allocation and trading strategies [4][5]. - Credit bonds continue to dominate the allocation, comprising 90% of bond investments, with a total holding of 12.79 trillion yuan, which is 38.79% of total investment assets [4]. Market Trends and Future Outlook - The total scale of the banking wealth management market reached 30.67 trillion yuan by the end of June, reflecting a 2.4% increase from the beginning of the year and a 7.54% year-on-year growth. However, the growth rate may slow down in the medium to long term due to declining returns on wealth management products [5][6]. - The pressure on the expansion of wealth management product scales is expected to increase as the advantages of returns, particularly for cash management products, diminish compared to deposits [6].

● 本报记者 李静 在利率持续走低的背景下，银行理财正悄然调整资产配置策略。 银行业理财登记托管中心近日发布的《中国银行业理财市场半年报告（2025年上）》显示，上半年，理 财产品减配债券及权益类资产，转而增持公募基金、现金及银行存款、非标准化债权类资产。 业内人士表示，今年固收资产挖掘收益难度加大，随着底层资产收益率持续下行，上半年理财产品平均 年化收益率已跌至2.12%，未来直投获取较高收益率的难度将持续增大，理财公司与基金业的合作有望 加强。 减配债券和权益类资产 从资产配置结构来看，截至6月末，理财产品资产配置仍以固收类资产为主，同时理财产品在增配公募 基金、现金及银行存款、非标准化债权类资产及金融衍生品的同时，减少了对债券和权益类资产的配置 比例。 国盛证券首席宏观固收分析师杨业伟认为，随着底层资产债券收益率的下降，以及此前配置的相对高收 益率资产陆续到期，预计未来理财产品收益率将进一步下降。同时，高票息品种供给越来越少，理财公 司可能更加依靠利率债交易和委托公募基金投资来获取高收益率。 中金公司发布的研报也表达了类似观点："随着银行理财与信托合作走向规范化以及低票息状况持续， 具体来看，截至6月末 ...

数据来源/《中国银行业理财市场半年报告（2025年上）》 制表/李静 2025年6月末 2025年3月末 2025年初 余额（万亿元） 占总投资资产比例（%） 余额（万亿元） 占总投资资产比例（%） 余额（万亿元） 占 总投资资产比例（%） 债券 13.78 41.8 13.68 43.9 13.98 43.5 现金及银行存款 8.18 24.8 7.27 23.3 7.68 23.9 非标准化债权类资产 1.82 5.52 1.75 5.6 1.74 5.4 公募基金 1.38 4.2 0.93 3 0.93 2.9 权益类资产 0.78 2.38 0.81 2.6 0.83 2.58 ...

Group 1 - The number of private securities investment funds registered in July reached 1,203, setting a new monthly record for the year, indicating a recovery in the private placement market as investor enthusiasm rises [1] - Quantitative products remain the main force in the registration of new private funds, with notable firms like Nine Kun Investment and Ming Cong Investment launching new products [1] - The overall private fund issuance market shows a warming trend, with the number of registered funds in previous months being lower, such as 1,075 in June and 1,138 in April [1] Group 2 - Guangdong Hongxi Fund Management announced the suspension of fundraising for some of its traditional quantitative CTA products starting August 1, 2025, to focus on existing investors and enhance service quality [2] - The firm has managed assets between 5 billion and 10 billion yuan, emphasizing a cautious management principle regarding strategy capacity limits [2] - Other quantitative private funds have also announced similar suspensions, indicating a trend of selective fundraising in the market [3] Group 3 - The private fund issuance market is experiencing uneven performance, with quantitative funds attracting more capital compared to subjective funds, which struggle to achieve significant fundraising [3] - Some leading subjective private funds have also paused new client subscriptions, reflecting a cautious approach to managing growth and performance [3] - The macro environment is perceived as favorable for quantitative funds this year, leading to rapid sellouts of popular products, while many private institutions still face fundraising challenges [3]

Core Insights - The "Three New" economy in China achieved a value-added of 242,908 billion yuan in 2024, reflecting a growth of 6.7% compared to the previous year, which is 2.5 percentage points higher than the GDP growth rate [1] - The "Three New" economy accounted for 18.01% of the GDP, an increase of 0.43 percentage points from the previous year [1] Industry Breakdown - In the primary industry, the value-added reached 9,485 billion yuan, growing by 6.7%, representing 3.9% of the "Three New" economy [1] - The secondary industry recorded a value-added of 100,459 billion yuan, with a growth rate of 5.5%, making up 41.4% of the "Three New" economy [1] - The tertiary industry had a value-added of 132,964 billion yuan, showing a growth of 7.7%, and constituted 54.7% of the "Three New" economy [1] Definition and Scope - The "Three New" economy encompasses economic activities centered around new industries, new business formats, and new business models, measuring the value added by all resident units engaged in these activities within a specific period [1]

Group 1 - The core viewpoint of the articles highlights the strong performance of innovative drug ETFs, with several funds achieving over 100% returns this year, indicating a significant interest in the sector [1][2][3] - The innovative drug sector is transitioning from a defensive investment strategy to an offensive growth strategy, driven by policy support, international breakthroughs, and increased capital inflow [3][4] - Fund managers express optimism about the long-term growth potential of innovative drugs, anticipating a harvest period starting from 2025, following a decade of investment [2][4] Group 2 - Several innovative drug ETFs have shown remarkable performance, with three specific ETFs achieving over 100% returns as of July 31 [2] - The active equity funds focused on innovative drugs have also seen rapid growth, with one fund exceeding 140% returns since the beginning of the year [2] - Despite the positive outlook, there are concerns about potential valuation bubbles in the innovative drug sector, as increased funding may overlook the inherent risks and challenges of drug development [3][4] Group 3 - The innovative drug sector is expected to experience a "Davis Double Play" effect, benefiting from policy dividends and improved global competitiveness [3] - The assessment of innovative drug companies should focus on their global competitiveness and domestic commercialization capabilities, with a preference for products ranked among the top three globally [4] - Companies need to balance pipeline advancement with cash flow management and enhance their research efficiency to navigate the competitive landscape effectively [3][4]

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to promote the high-quality development of urban commercial health insurance, emphasizing its inclusive nature while maintaining its commercial attributes and adhering to insurance regulations [1][2]. Group 1: Urban Commercial Health Insurance Overview - Urban commercial health insurance, known as "Hui Min Bao," is guided by local governments and operated by insurance companies, designed to complement basic medical insurance with low entry barriers, low premiums, and high coverage [1]. - The rapid development of urban commercial health insurance in various regions meets the diverse health protection needs of the population [1]. Group 2: Policy Requirements - The notice mandates that urban commercial health insurance should focus on inclusivity, optimizing product supply to ensure broad coverage, reasonable premiums, and effective protection [1]. - Insurance companies are required to operate autonomously while ensuring voluntary participation from the public, aligning premium collection with the level of coverage provided [1]. Group 3: Pricing and Data Insights - Urban commercial health insurance must implement precise pricing based on risk-sharing principles, considering factors such as age, gender, and health status for differentiated pricing [2]. - The commercial health insurance premium income in China is projected to reach nearly 1 trillion yuan in 2024, with 6.223 billion yuan collected in the first half of 2025, reflecting an average annual growth rate of approximately 20% over the past decade [2]. - Cumulative claims paid amount to 2.6 trillion yuan, with over 2.5 trillion yuan in long-term liability reserves accumulated, indicating a robust future health protection reserve for the population [2].

Core Insights - The overall energy supply in China is sufficient and the demand-supply situation is generally relaxed, supporting economic recovery [1][2] - Renewable energy development has reached new heights, with significant growth in installed capacity and investment in green energy projects [2][3] Energy Supply and Demand - National energy consumption has shown growth, with electricity consumption growth stabilizing at 4.7% in April, 4.4% in May, and 5.4% in June [1] - Natural gas demand has slightly increased, primarily driven by urban gas consumption, while coal consumption has decreased due to warmer winter weather and increased renewable energy output [1] Renewable Energy Growth - The installed capacity of renewable energy has rapidly increased, with non-fossil energy generation capacity surpassing 60% for the first time by the end of May [2] - In the first half of the year, the newly installed capacity of wind and solar power doubled compared to the same period last year, with renewable energy accounting for 91.5% of new installations [3][5] Investment in Energy Infrastructure - Investment in energy infrastructure projects exceeded 1.5 trillion yuan, a year-on-year increase of 21.6%, with private sector investment growing rapidly [2][3] - Investment in hydrogen energy projects has doubled, and investment in charging infrastructure has increased by nearly 70% [2][3] Charging Infrastructure Development - As of June 30, the total number of electric vehicle charging facilities reached 16.1 million, with a coverage rate of 97.08% in counties and 80.02% in townships [3][4] - The total charging volume for new energy vehicles reached 54.923 billion kWh in the first half of the year [3] Power Supply Assurance - The power supply during the peak summer demand period is expected to be secure, with a projected load exceeding 1.55 billion kW [4]